If you want a specific example of how hard car insurance policies and their rates can be on the owners of luxury vehicles, take a look at a recent top 10 list of most expensive cars to insure for 2011. This year, a top honor for the most costly car insurance policy on the planet goes to owners of the Mercedes-Benz SL65 AMG, an 805 horsepower sports car that costs an average $3543.81 per year to insure. That’s almost $300 per month. And that’s if you’ve got a clean driving record.
Those who don’t like Mercedes aren’t off the hook. Coming in a close second at a staggering insurance cost of $3280.70 per year is the BMW 750i, with an Aston Martin DB9, and a Porsche 911 Carrera S to round out the top 10 list of new car insurance albatrosses.
The reason these particular vehicles result in such expensive car insurance policies is twofold. For one, they’re built for speed—and speed, as everyone knows, is dangerous. It can cause serious accidents, which is an incredibly expensive proposition for the insurance companies who not only have to pay for vehicle repair but also potentially enormous medical bills. Second, cars like the Mercedes SL65 (which has an MSRP close to $200,000) can cost an arm and a leg to repair.
Auto insurers recommend luxury car drivers interested in securing the lowest car insurance rates possible keep their driving and credit records as clean as possible. Car insurance companies view both as indication of responsibility, something they believe carries through to their behind the wheel activities.
Is it a Myth or Fact that Red Cars Cost More to Insure?
When you are considering the purchase of a new vehicle, you want to take time to consider the impact on your insurance policy. Among the myths that may worry you is the idea that red cars are more ...
Read More →
Who is Covered by my Car Insurance if I am Not Driving?
If your friend borrows your car while hers is in the shop, or if your son lets a friend drive the family car, the coverage for the vehicle will be provided by your insurance, in most cases. While e...
Read More →
Do I need to Personal Injury Protection (PIP) Coverage on my Auto Insurance Policy?
Not everyone must buy personal injury protection, but it's certainly a beneficial addition to your auto insurance policy, should the coverage be provided in your area. Personal injury protection, o...
Read More →